光大证券:石药(01093.HK)新药管线布局深厚 重申「买入」评级
光大证券近日发表报告表示,石药集团(01093.HK)盈利结构持续优化,现有产品增速稳健并有望维持,该行指公司新乐管线布局深厚,研发平台优势明显,维持对其2019年至2021年每股盈利预测0.62、0.74及0.86元人民币,即按年各升22%、18%及17%。
该行指,重申对石药「买入」投资评级及目标价23.1港元,此相当预测2020年市盈率28倍,指当前估值仍具吸引力。
光大证券指,石药创新研发底蕴深厚,近5年来创新药占比逐年提升,从2014年占比25%提升至今年上半年的55%,其中核心品种恩必普经过持续的市场下沉与学术推广,仍有广阔基层市场待挖掘。此外,抗朣瘤产品线已成为公司新增长引擎,新品上市丰富管线叠加销售团队持续扩张,多美素、津优力维持高增长;克艾力(紫杉醇白蛋白)仍处於快速放量期,增长势头强劲,随着公司在抗朣瘤领域的影响力的逐步建立,料抗朣瘤条线未来几年有望维持强劲增长。
该行指,石药近年来研发投入不断加大,2018年首次超15亿港元,占今年上半年占药收入比重已达10.7%,研发投入处行业领先水平且有望持续加码。各大发平台共储备近百个在研创新药项目,料未来3年有望每年推动3至5个新药品种上市,并推进7至8个创新药获批临床。管线中新型制剂两性霉素B脂质和米托葱(酉昆)脂质体,创新药CD20单抗、P13K抑制剂有望於2020年至2021年获批,料成公司新一代重磅药品。
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